Fewer IRS Tax Audits Could Cost U.S. $3 Billion

The federal government could lose almost $3 billion in revenue this year because budget cuts are forcing the IRS to audit less people, the agency's chief said Wednesday. IRS Commissioner John Koskinen said before a congressional panel that the agency will audit 100,000 fewer individuals this year because of mandated budget cuts. Congress in January cut the IRS's budget by $526 million, or 4 percent, to $11.9 billion for the current fiscal year.

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